26 pt range.
Structural Analysis: It was mid-session look down out out of balance that was high odds for reversal. Gap fill was tested, rinsed, and the prior session lows were not even tested, indicating a high odds push higher well back up into the range.
Trade of the day was minor high reversal at prior session highs.
9-22
20 point range.
Structural Analysis: Large gap with sediment steady negative-extreme. Morning session grind lower with VWAP pullback reversal to new lows. However, selling was highly suspect with the downtrend morphing into balance with a double minor low. TICK significantly diverging for most of the morning as well. With the significant gap down, short-covering rally high odds.
Trade of the Day: Printed in the double minor low and TICK diverge just after 10:00. Morphed into powerful short covering rally.
9-23
18 point range
Structural Analysis: Inside range, low volume day as the big negative China gap got thought about for another day. Time zones firmly in play. Morning minor high print of the yesterday's range reversal gave way to a false breakdown bought at 9:00. 11:00 VAH reversal and then balance as volume just dried up.
Major theme: low volume balance, inside range session.
Trade of the day: Morning look above prior day minor high reversal. You just can't make this stuff up!
9-24
Massive range 40 points range today.
Structure early going had downside going for it as the early test of VWAP was rejected. But price reversed exactly at 8:00, signaling mechanical sellers. From there price powered through the VWAP where a short a range highs worked well. Then a very obvious transitional structure printed at VAL and around VWAP for a nice breakout higher.
Trade of the day was the morning VWAP short with sediment extreme. But all of the trades were excellent today.
32.25 point range
Structural Analysis: Of special note, we feature the IBB which was down 4.88% today on heavy volume.
While the ES balanced through out the morning, the IBB was imploding and other indexes were on or near lows. The ES even managed to print a minor high breakout attempt which was the clear trade of the day reversal entry. Like where was the ES going to go with so much downside underneath the entire market? What I didn't full anticipate, was this minor high triggering a massive downside breakout.
